SXPBTC trade ideas
How to use trendlines when trading cryptocurrency 🎓A lot of newcomers have been asking for educational content because you don't understand why my strategies work and how I conclude that a particular price-action will likely happen on certain assets at certain price-levels. It's lovely that my followers aren't just seeking signals, but actually digests the charts I'm sharing and actively tries to expand their repertoire.
Search no further - here's an easy and free guide to trade cryptocurrency, using trendlines. 🤓
Important aspects of using this strategy
A really important step of this strategy is to consider the number of data points you make your trendline from.
In this educational scenario, I've used thicker lines for the trendlines with more data points and dashed lines for trendlines that almost can't be considered as a useful trend. As you can see, we have a very solid trendline, which makes it likely that some significant price-action will happen – eventually to the upside.
Another crucial aspect of the strategy (and every other strategy other than "hold and pray") is to have a take-profit- and invalidation-area.
We always want to know why we're in the position and why we're out of the position. In this particular scenario, I've decided that a convincing break of the strong, bullish trendline would be an invalidation for the trade. If the trendline breaks it doesn't make sense for me to be in the position anymore, since the trade is solely based on the trendline.
Furthermore, the take-profit areas of the trade are based on historic resistance areas. The highest take-profit area is based on a very weak trendline, which is why I wouldn't leave more than 10% of my initial position size to reach that.
This is an easy strategy for trading any asset, that anybody can use no matter how experienced.
Experienced traders also use this strategy. In my own opinion, simple strategies are the best; you'd be surprised how few indicators experienced traders use.
Feel free to ask any questions or share your thoughts about this strategy! 📝
SXP/BTC LongSXP/BTC looks like it is going to make a nice move
within the coming weeks:
MA30 has bullishly crossed above the EMA100
for the first time ever and is now acting as
support.
A lovely inverse Head and Shoulders has been
printed and we can expect, once price has
confirmed the S/R flip of the neckline around
.00006791, that price will continue upward
toward the iH&S target of
.00011629
Ichimoku is bullish:
-Kumo cloud is green
-Tenkan is above the Kijun while both above the cloud
-Laggin span is above cloud and price
-Kijun temporarily acting as resistance, however
price is being squeezed between the Kijun and MA30
and with the rest of the chart looking bullish, it
seems likely Kijun resistance gives before MA30
support does
SXPBTC is creating a massive Inverse head and shoulder 🦐The price is creating an inverse head and shoulder on a daily timeframe, and now the price is testing its neckline. IF the price will have a breakout and flip the current neckline into new support, According to Plancton's strategy (check our Academy), we can set a nice order
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Follow the Shrimp 🦐
Keep in mind.
🟣 Purple structure -> Monthly structure.
🔴 Red structure -> Weekly structure.
🔵 Blue structure -> Daily structure.
🟡 Yellow structure -> 4h structure.
⚫️ Black structure -> <4h structure.
Here is the Plancton0618 technical analysis, please comment below if you have any question.
The ENTRY in the market will be taken only if the condition of the Plancton0618 strategy will trigger.
